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    EUR/NZD analysis for March 16, 2016 2016-03-16

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    Overview:

    Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6869. In the daily time frame, we can observe a demand bar in an average volume. In the H4 time frame, I found a broken downward channel (high volume breakout) in the background, which is a strong sign for a potential upward movement. The price respected the previous swing high (resistance) at the level of 1.6840. Watch for a potential breakout of 1.6840 to confirm further upward movement. I have placed Fibonacci expansion to find potential upward targets and resistance levels. I got Fibonacci expansion 61.8% at the level of 1.6940, Fibonacci expansion 100% at the level of 1.7200 and Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6860

    R2: 1.6920

    R3: 1.7020

    Support levels:

    S1: 1.6665

    S2: 1.6603

    S3: 1.6510

    Trading recommendation for today: Watch for potential buying opportunities on dips.


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